Light & Wonder, Inc. announced that its wholly owned subsidiary, Light and Wonder International, Inc. (“LNWI”), successfully completed a private offering of $550 million in aggregate principal amount of new 7.5 percent senior unsecured notes due 2031 (the “Notes”) at an issue price of 100 percent.
The net proceeds of the Notes offering, together with cash on hand, will be used to redeem all $550.0 million of LNWI’s outstanding 8.625 percent senior unsecured notes due 2025 (the “2025 Notes”) and to pay accrued and unpaid interest thereon, plus any related premiums, fees and expenses.
The Notes are guaranteed on a senior basis by Light & Wonder and certain of its subsidiaries, and the Notes are not secured.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and, unless so registered, may not be offered or sold in the United States except pursuant to an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. The Notes are offered only to persons reasonably believed to be qualified institutional buyers in accordance with Rule 144A and to non-U.S. Persons under Regulation S under the Securities Act.
